Fund Documents

Performance data discussed is for Class I shares, represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Investment performance, current to the most recent month-end, may be lower or higher than the performance quoted. It may be obtained by calling (800) 531-5142. For standardized performance, click here.

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The Prospectus contains this and other important information about the investment companies. A hard copy may be obtained by calling (800) 531-5142. Read the Prospectus carefully before investing.

While the Class I shares of the Fund are no load, management and other fees still apply. Class A shares reflect the maximum sales charge of 5.00% (4.00% for Versatile Bond Portfolio) and the Class C shares reflect the maximum deferred sales charge of 1.00%. Performance data shown as no load does not reflect the current maximum sales charges. Had the sales charges been included, the Portfolio’s returns would be lower. Please refer to the Prospectus for further details.

Opinions expressed and views on the securities mentioned are those of Michael J. Cuggino as of the dates provided. They are subject to change at any time, are not guaranteed, and should not be considered investment advice.

Any forward-looking statements speak only as of the date they are made and the Fund assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements.

Any tax or legal information provided isn’t an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

Stocks are generally perceived to have more financial risk than bonds in that bond holders have a claim on firm operations or assets that is senior to that of equity holders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. A stock may trade with more or less liquidity than a bond depending on the number of shares and bonds outstanding, the size of the company, and the demand for the securities.

Similarly, the transaction costs involved in trading a stock may be more or less than a particular bond, depending on the factors mentioned above and whether the stock or bond, trades upon an exchange. Depending on the entity issuing the bond it may or may not afford additional protections to the investor, such as a guarantee of return of principal by a government or bond insurance company. There is typically no guarantee of any kind associated with the purchase of an individual stock. Bonds are often owned by individuals interested in current income while stocks are generally owned by individuals seeking price appreciation with income a secondary concern. The tax treatment of returns of bonds and stocks also differs given differential tax treatment of income versus capital gain.

REITs are subject to risks similar to those associated with direct ownership of real estate, including loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value and possible environmental liabilities. In addition, REITs involve other risk factors, including poor performance by the REIT’s manager, changes to the tax laws and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. Furthermore, REITs are not diversified and are heavily dependent on cash flow.

References to other mutual funds should not be interpreted as an offer of these securities.

Bloomberg Barclays Capital Global Aggregate Bond Index is a market-capitalization weighted, broad-based securities index measuring the global investment grade fixed rate debt markets. Bloomberg Barclays Capital Global Aggregate Bond Index measures a wide range of global government-related, treasury, corporate and securitized fixed-income investments. Bloomberg Barclays Capital Global Aggregate (Excluding Securitized) Bond Index is a sub-index of Bloomberg Barclays Capital Global Aggregate Bond Index and excludes securitized fixed-income investments. FTSE AAA/AA 1-3 Years Corporate Bond Index and FTSE A 1-3 Years Corporate Bond Index are components of FTSE Broad Investment-Grade (BIG) Bond Index, which is an unmanaged, capitalization-weighted index of investment-grade fixed income securities and is generally considered representative of the U.S. Bond market. Dow Jones Industrial Average is an average of the stock prices of thirty large companies and represents a widely recognized unmanaged portfolio of common stocks. FTSE 3-Month Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. FTSE 3-Month Treasury Bill Index consists of the last three 3-month Treasury bill issues. Standard & Poor’s 500 Composite Stock Index is a market-capitalization weighted index of five hundred unmanaged common stocks and is widely recognized as representative of the equity market in general. Returns shown for the Standard & Poor’s 500 Composite Stock Index reflect reinvested dividends as applicable, but do not reflect a deduction for fees, expenses, or taxes. You cannot invest directly in an index. Case-Shiller Index measures the change in prices of a group of homes in 20 major metropolitan areas in the U.S. It reflects prices in real terms, which means it is corrected for inflation. Earnings yield is the earnings per share for the most recent 12-month period divided by the current market price per share. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. The CBOE Volatility Index (VIX) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. U.S. Dollar Index (USDX) is a measure of the value of the U.S. dollar relative to majority of its most significant trading partners. This index is similar to other trade-weighted indexes, which also use the exchange rates from the same major currencies. The European Central Bank (ECB) is the central bank for Europe's single currency, the euro. The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area. The Bank of Japan (BOJ), also known as Nippon Ginko, is the central bank of Japan. The S&P 500 Energy Index comprises companies included in the S&P 500 that are classified as members of the energy sector as per the Global Industry Classification Standard (GICS). The S&P 500 Financials Index comprises companies included in the S&P 500 that are classified as members of the financials sector as per the GICS. The Dow Jones Transportation Average (DJTA) is a price-weighted average of 20 transportation stocks traded in the U.S. The FTSE (Financial Times Stock Exchange) 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. The CAC (Cotation Assistée en Continu) 40 Index, the most widely-used indicator of the Paris market, reflects the performance of the 40 largest equities listed in France, measured by free-float market-capitalization and liquidity. The DAX (Deutscher Aktienindex (German stock index)) is a total return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. Capital expenditure (CAPEX) is money invested by a company to acquire or upgrade fixed, physical, non-consumable assets, such as buildings and equipment or a new business. The S&P Homebuilders Select Industry Index represents the homebuilding sub-industry portion of the S&P Total Markets Index. The S&P 500 Consumer Discretionary Index comprises those companies included in the S&P 500 that are classified as members of the GICS consumer discretionary sector. Indexes do not include management fees, transaction costs or expenses. Investments cannot be made directly in an index. The Dow Jones Commodity Index is a broad measure of the commodity futures market that emphasizes diversification and liquidity through a simple, straightforward, equal-weighted approach. The MS US REIT Index is a capitalization-weighted benchmark index of the most actively traded real estate investment trusts (REITs), designed to measure real estate equity performance.

Comments made by call participants are not representative of the experience of other clients and are no guarantee of future performance or success.

Permanent Portfolio invests in foreign securities, which will involve greater volatility, political, economic and currency risks, and differences in accounting methods. The fund will be affected by changes in the prices of gold, silver, Swiss franc assets and U.S. and foreign aggressive growth, real estate and natural resource stocks. The fund is non-diversified and thus may be able to invest more of its assets in fewer issuers and types of investments than a diversified fund. Investing a higher percentage of its assets in any one or a few issuers could increase the fund’s risk of loss and its share price volatility. The fund may invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility than larger companies.

Aggressive Growth Portfolio's stocks may appreciate in value more rapidly than the stock market, but they are also subject to greater risk, especially during periods when the prices of U.S. stock market investments, in general, are declining. The Portfolio invests in smaller companies, which will involve additional risks such as limited liquidity and greater volatility. The Portfolio also invests in foreign securities, which will involve greater volatility, political, economic and currency risks, and differences in accounting methods.

Short-Term Treasury Portfolio's investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. The Federal Deposit Insurance Corporation, or any other government agency, does not guarantee an investment in the Short-Term Treasury Portfolio. Therefore, you may lose money by investing in the Portfolio.

Versatile Bond Portfolio's investments in debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. Investments in below investment grade bonds (also referred to as “high yield” or “junk” bonds) present a greater risk of loss to principal and interest than higher-rated securities. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods. These risks are greater in emerging markets. In addition, certain investments may be illiquid and may be difficult to purchase, sell, or value.

Correlation is a statistical measure of how two securities move in relation to each other. Cost basis is the original price of an asset, such as stocks, bonds, mutual funds, property or equipment. Cost basis includes the purchase price and any associated purchase costs. Duration is a commonly used measure of the potential volatility of the price of a debt security or the aggregate market value of a portfolio of debt securities prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration. Beta is defined as a measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta. Earnings growth is a measure of growth in a company’s net income over a specific period, often one year. The term can apply to actual data from previous periods or estimated data for future periods. The price-to-earnings ratio, or P/E ratio, is an equity valuation measure defined as market price per share divided by annual earnings per share. Price/earnings to growth ratio, or PEG ratio, is a valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share, and the company’s expected growth. Alpha is the mean of the excess return of the manager over beta times benchmark. Alpha is a measure of risk (beta)-adjusted return. A basis point is a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form. In most cases, it refers to changes in interest rates and bond yields. Discounted Cash Flow or DCF is one of the methods used to value a company. DCF is carried out by estimating the total value of all future cash flows and then discounting them to find a present value of that cash. National Association of Securities Dealers Automated Quotation (NASDAQ) is a national securities exchange that is owned and operated by the NASDAQ OMX Group. The NASDAQ Stock Market is comprised of three market tiers: (1) the NASDAQ Global Select Market, (2) the NASDAQ Global Market, formerly the NASDAQ National Market, and (3) the NASDAQ Capital Market, formerly the NASDAQ SmallCap Market. For a company to trade on the NASDAQ Stock Market, it must meet the listing requirements of at least one of these three market tiers. Some of these listing requirements include meeting specified minimum thresholds for the number of publicly traded shares, total market value, stock price and number of shareholders. The dividend yield is the dividend per share divided by the price per share. The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The revamped Straits Times Index, calculated and disseminated by FTSE, comprises the top 30 SGX Mainboard listed companies on the Singapore Exchange selected by full market capitalization. Earnings per share (EPS) is a company’s profit divided by its number of common outstanding shares​. Indexes do not include management fees, transaction costs or expenses. Investments cannot be made directly in an index. The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. COMEX is the primary market for trading metals such as gold, silver, copper and aluminum. Cap ex stands for capital expenditure. Average Duration is a time measure of a bond's interest-rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond's price. Effective Duration is a calculation used to approximate the actual, modified duration of a callable bond. It takes into account that future interest rate changes will affect the expected cash flows for a callable bond. Discounted cash flow is the process of calculating the present value of an investment's future cash flows in order to arrive at a current fair value estimate for the investment. Consumer Price Index (CPI) measures the change in prices paid by consumers for a representative group of products and services.

Diversification does not assure a profit or protect against loss in a declining market.Earnings growth is not a measure of the Fund's future performance.

Mutual fund investing involves risk; loss of principal is possible.

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Pacific Heights Asset Management, LLC (“Pacific Heights”) is the investment adviser to Permanent Portfolio Family of Funds (“Fund”). The Fund is distributed by Quasar Distributors, LLC (“Quasar”), a member of FINRA. Quasar is not affiliated with Pacific Heights.